Business
Forian Inc. Announces First Quarter Fiscal 2021 Financial Results
Completes Helix Combination First Quarter Pro Forma Revenue of $3.8 Million, up 22% year-over-year NEWTOWN, Pa., May 17, 2021 /PRNewswire/ -- Forian Inc.
About this update from Forian Inc.
[{"type":"text","content":"Completes Helix Combination\n First Quarter Pro Forma Revenue of $3.8 Million, up 22% year-over-year\n\n\nNEWTOWN, Pa., May 17, 2021 /PRNewswire/ -- Forian Inc. (NASDAQ: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, today announced results for its fiscal first quarter ended March 31, 2021. \n\n \n \n \n \n \n \n\n \n\"This quarter was transformational for Forian. We completed a strategic business combination with Helix Technologies and further positioned ourselves to be a disruptive leader in delivering high value technology and information solutions to customers across the healthcare and evolving cannabis industries, while simultaneously becoming a Nasdaq publicly-traded company,\" said Dan Barton, Chief Executive Officer of Forian. \"We look forward to bringing new technology and information solutions to market that are driven by data science and improve the commercial, financial and clinical performance of our customers across healthcare and cannabis.\"\nFirst Quarter 2021 Financial Results\nForian's financial results include the operations of the Helix businesses for 29 days of the quarter, from the closing of the business combination on March 2, 2021 to March 31, 2021. Forian delivered the following results for its first fiscal quarter: \nFor the Three Months Ended March 31,\nYear-over-Year % Change\n2021\n2020\nUnaudited\nUnaudited\nTotal revenue\n$ 1,620,609\n$ 66,667\n2331%\nNet Loss\n(4,491,647)\n(675,136)\n-565%\nAdjusted EBITDA1\n(2,854,769)\n(674,417)\n-323%\n \nBasic and diluted net loss per common share\n$\n-0.19\n$\n-0.08\n-138%\n \nRevenue was approximately $1.6 million for the quarter, an increase of over $1.5 million versus the prior year. On a pro forma basis, revenue was $3.8 million, growing 22% year-over-year. Net Loss for the quarter was approximately $4.5 million, or $0.19 per share, compared to approximately $0.7 million, or $0.08 per share, in the prior year. Adjusted EBITDA1 for the quarter was negative $2.9 million compared to negative $0.7 million for the prior year. First Quarter Operational Highlights\nCompleted the combination with Helix, reinforcing Forian's dedication to expanding best-in-class, data-driven cannabis and healthcare technology and information solutions. Forian is committed to supporting and growing the stre...